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PART I
1. RPC Ltd. follows the written down value method of depreciating machinery year after
year due to
(a) Comparability.
(b) Convenience.
(c) Consistency.
(d) All of the above.

2. A change in accounting policy is justified
(a) To comply with accounting standard.
(b) To ensure more appropriate presentation of the financial statement of the
enterprise.
(c) To comply with law.
(d) All of the above.
3. Purchases book records:
(a) All cash purchases.
(b) All credit purchases.
(c) Credit purchases of goods in trade.
(d) None of the above.
4. A Bank Reconciliation Statement is prepared to know the causes for the difference
between:
(a) the balances as per cash column of Cash Book and the Pass Book.
(b) the balance as per bank column of Cash Book and the Pass Book.
(c) the balance as per bank column of Cash Book and balances as per cash column
of Cash Book
(d) None of the above.
5. While finalizing the current year’s profit, the company realized that there was an error in
the valuation of closing stock of the previous year. In the previous year, closing stock
was valued more by Rs.50,000. As a result
(a) Previous year’s profit is overstated and current year’s profit is also overstated
(b) Previous year’s profit is understated and current year’s profit is overstated
(c) Previous year’s profit is understated and current year’s profit is also understated
(d) Previous year’s profit is overstated and current year’s profit is understated
6. In the absence of any provision in the partnership agreement, profits and losses are
shared
(a) In the ratio of capitals.
(b) Equally.
(c) In the ratio of loans given by them to the partnership firm.
(d) None of the above.
7. Fundamental accounting assumptions are
(a) Materiality. 3
(b) Business entity.
(c) Going concern.
(d) Dual aspect
8. Which of the following errors are not revealed by the Trial Balance:
(a) compensating errors;
(b) errors of commission;
(c) wrong balancing of an account;
(d) wrong totalling of an account
9. Which of the following are of capital nature?
(a) Purchase of a goods
(b) Cost of repair
(c) Wages paid for installation of machinery
(d) Rent of a factory
10. Which of the following statement is not true:
(a) If del-creder’s commission is allowed, bad debt will not be recorded in the books
of consignor
(b) If del-creder’s commission is allowed, bad debt will be debited in consignment
account
(c) Del-creder’s commission is allowed by consignor to consignee
(d) Del-creder’s commission is generally relevant for credit sales
PART II
11. Discount on issue of debentures is a __________
(a) Revenue loss to be charged in the year of issue
(b) Capital loss to be written off from capital reserve
(c) Capital loss to be written off over the tenure of the debentures
(d) Capital loss to be shown as goodwill
12. Loss on issue of debentures is treated as ____________.
(a) Intangible asset
(b) Current asset
(c) Current liability
(d) Miscellaneous expenditure
13. Dividends are usually paid as a percentage of ______
(a) Authorized share capital
(b) Net profit
(c) Paid-up capital
(d) Called-up capital
14. At the time of death of a partner, firm gets ________ from the insurance company
against the Joint Life Policy taken jointly for all the partners.
(a) Policy Amount.
(b) Surrender Value.
(c) Policy Value for the dead partner and Surrender Value for the rest.
(d) Surrender Value for all the partners.
15. Profit or loss on revaluation is shared among the partners in _______ ratio.
(a) Old Profit Sharing.
(b) New Profit Sharing.
(c) Capital.
(d) Equal.
16. Interest on capital will be paid to the partners if provided for in the agreement but only
from________
(a) Profits.
(b) Reserves.
(c) Accumulated Profits.
(d) Goodwill.
17. The owner of the consignment stock is________
(a) Consignor
(b) Consignee
(c) Debtors
(d) None
18. The parties to joint venture is called_________
(a) Co-venturers
(b) Partners
(c) Principal & Agent
(d) Friends 5
19. The purpose of accommodation bill is_______
(a) To finance actual purchase or sale of goods
(b) To facilitate trade transmission
(c) When both parties are in need of funds
(d) None of the above
20. The number of production or similar units expected to be obtained from the use of an
asset by an enterprise is called as _________
(a) Unit life
(b) Useful life
(c) Production life
(d) Expected life
PART III
21. Mr. A purchased a machinery costing Rs. 1,00,000 on 1
st
October, 2005. Transportation
and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000
respectively. Dismantling charges of the old machine in place of which new machine
was purchased amounted Rs. 10,000. Market value of the machine was estimated at
Rs. 1,20,000 on 31
st
March 2006. While finalising the annual accounts, A values the
machinery at Rs. 1,20,000 in his books.
Which of the following concepts was violated by A?
(a) Cost concept
(b) Matching concept
(c) Realisation concept
(d) Periodicity concept.
22. M/s ABC Brothers, which was registered in the year 2000, has been following Straight
Line Method (SLM) of depreciation. In the current year it changed its method from
Straight Line to Written Down Value (WDV) Method, since such change would result in
the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify
to be declared as a sick industrial unit. The auditor raised objection to this change in
the method of depreciation.
The objection of the auditor is justified because
(a) Change in the method of depreciation should be done only with the consent of
the auditor
(b) Depreciation method can be changed only from WDV to SLM and not vice versa
(c) Change in the method of deprecation should be done only if it is required by
some statute and change would result in appropriate presentation of financial 6
statement
(d) Method of depreciation cannot be changed under any circumstances.
PART IV
23. If Cost of goods sold is Rs.80,700, Opening stock Rs.5,800 and Closing stock
Rs.6,000. Then the amount of purchase will be
(a) Rs.80,500
(b) Rs.74,900
(c) Rs.74,700
(d) Rs.80,900.
24. Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual
depreciation under SLM will be
(a) Rs.21,000
(b) Rs.20,000
(c) Rs.15,000
(d) Rs.14,000
25. A new firm commenced business on 1st January, 2006 and purchased goods costing
Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the
end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs.
1,20,000. What is the gross profit earned by the firm?
(a) Rs. 36,000
(b) Rs. 30,000
(c) Rs. 42,000
(d) Rs. 38,000
26. X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%.
Consignor’s expenses Rs 5000. 1/10
th
of the goods were lost in transit. Insurance claim
received Rs 3000. The net loss on account of abnormal loss is
(a) Rs.27,500
(b) Rs.25,500
(c) Rs.30.500
(d) Rs.27,000
27. A and V enter into a joint venture to sell a consignment of biscuits sharing profits and
losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting
to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales
Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture
is 7
(a) Rs.3000
(b) Rs.5000
(c) Rs.6000
(d) Rs.3500
28. X draws a bill on Y for Rs 20,000 for 3 months on 1.1.05. The bill is discounted with
banker at a charge of Rs 100. At maturity the bill return dishonoured. In the books of X,
for dishonour, the bank account will be credited by Rs.
(a) 19,900
(b) 20,000
(c) 20,100
(d) 19,800
29. A sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return
basis. B returned goods costing Rs. 800. At the end of the accounting period i.e. on 31
st

December, 2005, the remaining goods were neither returned nor were approved by
him. The stock on approval will be shown in the balance sheet at Rs.
(a) 2,000.
(b) 2,700.
(c) 2,700 less 25% of 2,700.
(d) 3,500.
30. A and B are partners sharing profits and losses in the ratio of 3:2 having the capital of
Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital
before distributing the profits. During the year firm earned Rs. 7,800 after allowing
interest on capital. Profits apportioned among A and B is
(a) 4,680 and 3,120.
(b) 4,800 and 3,000.
(c) 5,000 and 2,800.
(d) None of the above.
31. A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings
Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between A, B
and C are 7:5:4. The scarificing ratio among A:B will be
(a) 3:1.
(b) 4:7.
(c) 5:4.
(d) 2:1.
32. The cash book showed an overdraft of Rs. 1,500, but the pass book made up to the
same date showed that cheques of Rs. 100,Rs. 50 and Rs. 125 respectively had not
been presented for payments; and the cheque of Rs.400 paid into account had not
been cleared. The balance as per the cash book will be
(a) Rs. 1,100.
(b) Rs. 2,175.
(c) Rs. 1,625.
(d) Rs. 1,375.
33. A second hand car is purchased for Rs. 10,000, the amount of Rs. 1,000 is spent on its
repairs, Rs. 500 is incurred to get the car registered in owner’s name and Rs. 1,200 is
paid as dealer’s commission. The amount debited to car account will be
(a) Rs. 10,000.
(b) Rs. 10,500.
(c) Rs. 11,500.
(d) Rs. 12,700.
34. If a purchase return of Rs.84 has been wrongly posted to the debit of the sales return
account, but had been correctly entered in the suppliers account, the total of the trial
balance would show
(a) the credit side to be Rs.84 more than debit side.
(b) the debit side to be Rs.84 more than credit side.
(c) the credit side to be Rs.168 more than debit side.
(d) the debit side to be Rs.168 more than credit side.
35. The accountant of the firm M/s ABC is unable to tally the following trial balance.
S. No. Account heads Debit (Rs.) Credit (Rs.)
1. Sales 15,000
2. Purchases 10,000
3. Miscellaneous expenses 2,500
4. Salaries 2,500
Total 12,500 17,500

The above difference in trial balance is due to
(a) wrong placing of sales account
(b) wrong placing of salaries account
(c) wrong placing of miscellaneous expenses account
(d) Wrong placing of all accounts 9
36. R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30
th
June 2006.
It was decided to value the goodwill on the basis of three year’s purchase of last five
years average profits. If the profits are Rs. 29,600; Rs. 28,700; Rs. 28,900; Rs. 24,000
and Rs. 26,800. D’s share of goodwill will be
(a) Rs. 20,700.
(b) Rs. 27,600.
(c) Rs. 82,800.
(d) Rs. 27,000.
37. A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.
John for non-payment of allotment money of Rs.4 per share. The called-up value per
share was Rs.9. On forfeiture, the amount debited to share capital will be
(a) Rs.10,000
(b) Rs.8,000
(c) Rs.2,000
(d) Rs.18,000.
38. S Ltd. issued 2,000, 10% Preference shares of Rs.100 each at par, which are
redeemable at a premium of 10%. For the purpose of redemption, the company issued
1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of
redemption of Preference Shares, the amount to be transferred by the company to the
Capital Redemption Reserve Account will be
(a) Rs.50,000
(b) Rs.40,000
(c) Rs.2,00,000
(d) Rs.2,20,000
39. W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after
5 years at a premium of 20%. The amount of loss on redemption of debentures to be
written off every year will be
(a) Rs.40,000
(b) Rs.10,000
(c) Rs.20,000
(d) Rs.8,000
40. X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice
value of goods lost Rs 12,500. Invoice value of goods sent out on consignment will be:
(a) Rs.120,000
(b) Rs.125,000 10
(c) Rs.140,000
(d) Rs.100,000
41. T Ltd. purchased land and building from U Ltd. for a book value of Rs.2,00,000. The
consideration was paid by issue of 12% Debentures of Rs.100 each at a discount of
20%. The debentures account will be credited with
(a) Rs.2,60,000
(b) Rs.2,50,000
(c) Rs.2,40,000
(d) Rs.1,60,000
42. B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares
and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the
company forfeited his entire shares, the forfeiture account will be credited by
(a) Rs.90
(b) Rs.81
(c) Rs.60
(d) Rs.54
43. A, B and C are partners sharing profits and losses in the ratio 9:4:3. They took joint life
policy of Rs. 25,000 for A, Rs. 20,000 for B and Rs. 51,000 for C. What is the share of
C in the JLP amount?
(a) Rs. 18,000.
(b) Rs. 25,000.
(c) Rs. 51,000.
(d) Rs. 20,000.
44. A and B are partners sharing profits and losses in the ratio of 3:2 (A’s Capital is Rs.
30,000 and B’s Capital is Rs. 15,000). They admitted C agreed to give 1/5
th
share of
profits to him. How much C should bring in towards his capital?
(a) Rs. 9,000.
(b) Rs. 12,000.
(c) Rs. 14,500.
(d) Rs. 11,250.
45. A and B are partners with the capital Rs. 50,000 and Rs. 40,000 respectively. They
share profits and losses equally. C is admitted on bringing Rs. 50,000 as capital only
and nothing was bought against goodwill. Goodwill in Balance sheet of Rs. 20,000 is
revalued as Rs. 35,000. What will be value of goodwill in the books after the admission 11
of C?
(a) Rs. 55,000.
(b) Rs. 35,000.
(c) Rs. 20,000.
(d) Rs. 15,000
46. X, Y and Z are partners in a firm. At the time of division of profit for the year there was
dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000
and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no
agreement on this point. Calculate the amount payable to X, Y and Z respectively.
(a) Rs. 2,000 to each partner.
(b) Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.
(c) Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.
(d) Rs. 2,400 to each partner.
47. A merchant sends out his goods casually to his dealers on approval basis. All such
transactions are, however, recorded as actual sales and are passed through the sales
book. On 31-12-2005, it was found that 100 articles at a sale price of 200 each sent on
approval basis were recorded as actual sales at that price. The sale price was made at
cost plus 25%. The amount of stock on approval will be amounting
(a) Rs.16,000.
(b) Rs. 20,000.
(c) Rs. 15,000.
(d) None of the above.
48. A draws a bill on B for Rs 30,000. A wants to endorse it to C in settlement of Rs 35,000
at 2% discount with the help of B’s acceptance and balance in cash. How much cash A
will pay to B?
(a) 4300
(b) 4000
(c) 4100
(d) 5000
49. A and B enter into a joint venture for purchase and sale of Type-writer. A purchased
Typewriter costing Rs 100000. Repairing expenses Rs 10000, printing expenses Rs
10000. B sold it at 20% margin on selling price. The sales value will be:
(a) Rs. 125000 12
(b) Rs. 150000
(c) Rs. 100000
(d) Rs. 140000
50. P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 33
1/3
%. 1/10
th

of goods were lost in transit. 2/3
rd
of the goods are sold at 20% above IP. The amount
of sale value will be:
(a) Rs.54,000
(b) Rs.43,200
(c) Rs.60,000
(d) Rs.36,000
51. Rent paid on 1 October, 2004 for the year to 30 September, 2005 was Rs. 1,200 and
rent paid on 1 October, 2005 for the year to 30 September, 2006 was Rs. 1,600. Rent
payable, as shown in the profit and loss account for the year ended 31 December 2005,
would be:
(a) Rs. 1,200.
(b) Rs. 1,600.
(c) Rs. 1,300.
(d) Rs. 1,500.
52. H Ltd. purchased a machinery on April 01, 2000 for Rs.3,00,000. It is estimated that the
machinery will have a useful life of 5 years after which it will have no salvage value. If
the company follows sum-of-the-years’-digits method of depreciation, the amount of
depreciation charged during the year 2004-05 was
(a) Rs.1,00,000
(b) Rs.80,000
(c) Rs.60,000
(d) Rs.20,000.
53. If Average Stock = Rs 12,000. Closing stock is Rs 3,000 more than opening stock then
the value of closing stock will be
(a) Rs 12,000
(b) Rs 24,000
(c) Rs 10,500
(d) Rs 13,500.
54. O Ltd. maintains the inventory records under perpetual system of inventory. Consider the 13
following data pertaining to inventory of O Ltd. held for the month of March 2005:
Date Particulars Quantity Cost Per unit (Rs.)
Mar. 1 Opening Inventory 15 400
Mar. 4 Purchases 20 450
Mar. 6 Purchases 10 460
If the company sold 32 units on March 24, 2005, closing inventory under FIFO method
is
(a) Rs.5,200
(b) Rs.5,681
(c) Rs.5,800
(d) Rs.5,950.
55. Debit balance as per Cash Book of ABC Enterprises as on 31.3.2006 is Rs.
1,500.Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but
not presented of Rs. 150. The bank allowed interest amounting Rs. 50 and collected
dividend Rs. 50 on behalf of ABC Enterprises. Balance as per pass book should be
(a) 1,600.
(b) 1,450.
(c) 1,850.
(d) 1,650.
56. If a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales
returns account, but has been correctly entered in the suppliers’ account, the total of
the
(a) trial balance would show the debit side to be Rs.1,000 more than the credit
(b) trial balance would show the credit side to be Rs.1,000 more than the debit.
(c) the debit side of the trial balance will be Rs.2,000 more than the credit side.
(d) the credit side of the trial balance will be Rs.2,000 more than the debit side.
57. If repair cost is Rs. 25,000, whitewash expenses are Rs. 5,000, cost of extension of
building is Rs. 2,50,000 and cost of improvement in electrical wiring system is Rs.
19,000; the amount to be expensed is
(a) Rs. 2,99,000.
(b) Rs. 44,000.
(c) Rs. 30,000.
(d) Rs. 49,000.
58. Sunset Tours has a Rs.3,500 account receivable from Mohan. On January 20, the
Rotary makes a partial payment of Rs.2100 to Sunset Tours. The journal entry made 14
on January 20 by Sunset Tours to record this transaction includes:
(a) A credit to the cash received account of Rs.2,100.
(b) A credit to the Accounts receivable account of Rs.2,100.
(c) A debit to the cash account of Rs.1,400.
(d) A debit to the Accounts receivable account of Rs.1,400
59. A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.
John for non-payment of allotment money of Rs.4 per share. The called-up value per
share was Rs.9. On forfeiture, the amount debited to share capital = ?
(a) Rs.10,000
(b) Rs.8,000
(c) Rs.2,000
(d) Rs.18,000.
60. A, B and C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill
was valued as Rs. 30,000. Find the contribution of A and C to compensate B.
(a) Rs. 20,000 and Rs. 10,000.
(b) Rs. 8,000 and Rs. 4,000.
(c) They will not contribute any thing.
(d) Information is insufficient for any comment.

SECTION – B : MERCANTILE LAWS (40 MARKS)
PART I
61. Which of the following is false? An offer to be valid must:
(a) Intend to create legal relations.
(b) Have certain & unambiguous terms.
(c) Contain a term the non-compliance of which would amount to acceptance.
(d) Be communicated to the person to whom it is made.
62. Which of the following statement is true?
(a) Consideration must result in a benefit to both parties.
(b) Past consideration is no consideration in India.
(c) Consideration must be adequate.
(d) Consideration must be something, which a promisor is not already bound to do.
63. Which of the following is not an exception to the rule – No Consideration, No Contract?
(a) Compensation for involuntary services.
(b) Love & Affection.
(c) Contract of Agency.
(d) Gift.
64. A minor’s liability for ‘necessaries’ supplied to him;
(a) Arises after he attains majority age.
(b) Is against only minor’s property.
(c) Does not arise at all.
(d) Arises if minor gives a promise for it.
65. An agreement is void if it is opposed to public policy. Which of the following is not
covered by heads of public policy?
(a) Trading with an enemy. 16
(b) Trafficking in public offices.
(c) Marriage brokerage contracts.
(d) Contracts to do impossible acts.
66. Which of the following persons can perform the contract?
(a) Promisor alone.
(b) Legal representatives of promisor.
(c) Agent of the promisor.
(d) All of these.
67. A, B and C jointly promised to pay Rs. 60,000 to D. Before performance of the contract,
C dies. Here, the contract
(a) becomes void on C’s death.
(b) should be performed by A and B along with C’s legal representatives.
(c) should be performed by A and B alone.
(d) should be renewed between A, B and D.
68. Generally, which of the following damages are not recoverable?
(a) Ordinary damages.
(b) Special damages.
(c) Remote damages.
(d) Nominal damages.
69. A mistake as to a law not in force in India has the same effect as:
(a) mistake of fact
(b) mistake of Indian law
(c) fraud
(d) misrepresentation
70. The term “goods” under Sale of Goods Act, 1930 does not include
(a) goodwill.
(b) actionable claims.
(c) stocks and shares.
(d) harvested crops.
71. Which of the following is not an implied condition in a contract of sale?
(a) Condition as to title. 17
(b) Condition as to description.
(c) Condition as to free from encumbrance.
(d) Condition as to sample.
72. Which of the following is not a form of delivery?
(a) Constructive delivery.
(b) Structured delivery.
(c) Actual delivery.
(d) Symbolic delivery.
73. Mercantile Agent is having an authority to
(a) sell or consign goods.
(b) raise money on the security of goods.
(c) sell or buy goods.
(d) any of the above.
74. Doctrine of Caveat Emptor means
(a) let the seller beware.
(b) let the buyer beware.
(c) let the creditor beware.
(d) none of the above.
75. The most important element in partnership is:
(a) Business
(b) Sharing of Profits
(c) Agreement
(d) Business to be carried on by all or any of them acting for all.
76. In the absence of agreement to the contrary all partners are:
(a) Not entitled to share profits
(b) Entitled to share in capital ratio.
(c) Entitled to share in proportion to their ages.
(d) Entitled to share profits equally.
77. Active partner is one who:
(a) Takes part in the business of the firm 18
(b) Actively participates in co-curricular activities
(c) Actively shares the profits
(d) Makes a show of authority
78. On dissolution the partners remain liable to till
(a) Accounts are settled
(b) Partners dues are paid off
(c) Public notice is given
(d) The registrar strikes off the name
79. Which of the following statements, about the registration of firm, is not true:
(a) It must be done at the time of its formation.
(b) It may be done at the time of formation.
(c) It may be done before filing a suit against third party.
(d) It may be done at any time after its formation.
PART II
80. An agreement which is enforceable by law at the option of one or more of the parties
thereon but not at the option of the other or others is a ____________
(a) Valid Contract.
(b) Void Contract.
(c) Voidable Contract.
(d) Illegal Contract.
81. When the consent of a party is not free, the contract is _____________
(a) Void.
(b) Voidable.
(c) Valid.
(d) Illegal.
82. Ordinarily, a minor’s agreement is ____________
(a) Void ab initio
(b) Voidable.
(c) Valid.
(d) Unlawful.
83. The threat to commit suicide amounts to ___________
(a) Coercion. 19
(b) Undue Influence.
(c) Misrepresentation.
(d) Fraud.
84. An agreement the object or consideration of which is unlawful, is _____________
(a) Void.
(b) Valid.
(c) Voidable.
(d) Contingent.
85. A contingent contract is ____________
(a) Void
(b) Voidable
(c) Valid
(d) Illegal
86. A agrees to sell his car worth Rs. 100,000 to B for Rs. 20,000 only, and A’s consent
was obtained by coercion. Here, the agreement is __________
(a) void
(b) valid
(c) voidable
(d) unlawful
87. A agrees to pay Rs. 5 lakhs to B if he (B) procures an employment for A in Income Tax
Department. This agreement is _________
(a) void
(b) valid
(c) voidable
(d) contingent.
88. Agreement-the meaning of which is uncertain is ________
(a) Valid.
(b) Void.
(c) Voidable.
(d) Illegal.
89. A contract for the sale of “future goods” is __________
(a) sale 20
(b) agreement to sell.
(c) void.
(d) hire-purchase contract.
90. A stipulation which is collateral to the main purpose of the contract, and if proves false,
gives the buyer only a right to claim damages, is known as __________
(a) conditions.
(b) guarantee.
(c) warranty.
(d) none of these.
91. Goods which are in existence at the time of the Contract of Sale is known as
_________
(a) present Goods.
(b) existing Goods.
(c) specific Goods.
(d) none of the above.
92. Selection of goods with the intention of using them in performance of the contract and
with the mutual consent of the seller and the buyer is known as __________
(a) distribution
(b) appropriation.
(c) amortization.
(d) storage.
93. An auction sale is complete on the __________
(a) delivery of goods
(b) payment of price
(c) fall of hammer
(d) none of the above.
94. If A agrees to deliver 100 kg of sugar to B in exchange of 15 mts of cloth, then it is
__________
(a) Contract of sale.
(b) Agreement to sell.
(c) Sale on Approval.
(d) Barter.
95. A partner can retire on_____________
(a) Reaching the age of superannuation
(b) On the balance in the capital account reaching a certain amount 21
(c) In accordance with the Partnership Deed
(d) On the condition of his nominee becoming a partner
96. Death of partner has the effect of____________
(a) Dissolving the firm
(b) Result in continuance of the business of the firm
(c) His heirs joining the firm
(d) Computation of profits upto the date of death.
97. Registration of a firm is____________
(a) Compulsory
(b) Optional
(c) Occasional
(d) None of the above
98. The reconstitution of the firm takes place in case of __________
(a) Admission of a partner
(b) Retirement of a partner
(c) Expulsion or death of a partner
(d) All of the above.
PART III
99. G paid Rs.1,00,000 to H to influence the head of the Government Organisation in order
to provide him some employment. On his failure to provide the job, G sued H for
recovery of the amount. Which of the following is correct?
(a) The contract is valid and G can recover the amount from H.
(b) The contract is void as it is opposed to public policy and G cannot recover.
(c) G can recover the amount with interest.
(d) G can recover the amount of Rs.1,00,000 and damages.
100. A sold a tin of disinfectant powder to K without warning knowing fully that if the tin was
not opened with care, it will likely to cause injury. K was injured while opening the tin.
Which of the following statement(s) is/are correct?
(a) A is not liable to K under the Doctrine of caveat emptor.
(b) A is liable for the damages.
(c) A has no duty to disclose the facts to K.
(d) The buyer has the responsibility to enquire about all the things before
purchasing the goods.

SECTION – C : GENERAL ECONOMICS (50 MARKS)

PART I
101 What implication does resource scarcity have for the satisfaction of wants?
(a) Not all wants can be satisfied.
(b) We will never be faced with the need to make choices.
(c) We must develop ways to decrease our individual wants.
(d) The discovery of new natural resources is necessary to increase our ability to
satisfy wants.
102. Who expressed the view that “Economics should be neutral between ends”?
(a) Robbins
(b) Marshall
(c) Pigou
(d) Adam Smith.
103. Which of the following pairs of goods is an example of substitutes?
(a) Tea and sugar.
(b) Tea and coffee.
(c) Pen and ink.
(d) Shirt and trousers.
104. The consumer is in equilibrium when the following condition is satisfied:
(a)
y
x
y
x
P
P

MU
MU
> . 23
(b)
y
x
y
x
P
P

MU
MU
< .
(c)
y
x
y
x
P
P

MU
MU
= .
(d) None of the above.
105. In the production of wheat, all of the following are variable factors that are used by the
farmer except:
(a) the seed and fertilizer used when the crop is planted
(b) the field that has been cleared of trees and in which the crop is planted.
(c) the tractor used by the farmer in planting and cultivating not only wheat but also
corn and barley.
(d) the number of hours that the farmer spends cultivating the wheat fields.
106. In describing a given production technology, the short run is best described as lasting
(a) up to six months from now.
(b) up to five years from now.
(c) as long as all inputs are fixed.
(d) as long as at least one input is fixed.
107. Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to
be “small” relative to the market. Which of the following best describes this smallness?
(a) The individual firm must have fewer than 10 employees.
(b) The individual firm faces a downward-sloping demand curve.
(c) The individual firm has assets of less than Rs.20 lakh.
(d) The individual firm is unable to affect market price through its output decisions.
108. A firm encounters its “shutdown point” when:
(a) average total cost equals price at the profit-maximizing level of output.
(b) average variable cost equals price at the profit-maximizing level of output.
(c) average fixed cost equals price at the profit-maximizing level of output.
(d) marginal cost equals price at the profit-maximizing level of output.
109. Which of the following statements is correct?
(a) The public sector was given a dominant position in the newly Independent India.
(b) The foreign trade policy post Independence allowed free trade of all goods and
services.
(c) Monetary policy post Independence sought to keep the CRR at a very low level. 24
(d) None of the above.
110. The unsustainable levels of government deficits in the late 80’s can be attributed to:
(a) high levels of government expenditures.
(b) insufficient revenues.
(c) poor returns on government investments.
(d) all of the above.
111. What is India’s rank in world population?
(a) First
(b) Second
(c) Third
(d) Fourth
112. Which is of the following statements is correct?
(a) Gini coefficients are often used for measuring poverty in relative sense.
(b) When poverty is related to the distribution of income or consumption
expenditure, it is absolute poverty.
(c) In India, we mainly use the concept of relative poverty for measuring poverty.
(d) None of the above.
113. The industrial sector faced the process of retrogression and deceleration during
(a) 1950-1965
(b) 1990-2005
(c) 1980- 1995
(d) 1965 -1980.
114. Find the tax which is direct tax among the following:
(a) Personal income tax.
(b) Excise duty
(c) Sales tax
(d) Service tax.
115. As a result of the New Industrial Policy,1991:
(a) the public sector has been stripped off all its power.
(b) the public sector has been given the commanding heights of the economy.
(c) the public sector’s portfolio will be reviewed with greater realism. The focus will
be on strategic high tech and essential infrastructure industries. 25
(d) the public sector’s management has been passed over to the private sector.
116. In order to control credit:
(a) CRR should be increased and Bank rate should be decreased.
(b) CRR should be reduced and Bank rate should be reduced.
(c) CRR should be increased and Bank rate should be increased.
(d) CRR should be reduced and Bank rate should be increased.
PART II
117. Under --------------------- market condition, firms make normal profits in the long run.
(a) Perfect Competition
(b) Monopoly
(c) Oligopoly
(d) None of the above.
118. Larger production of ----------------------goods would lead to higher production in future.
(a) Consumer goods.
(b) Capital goods.
(c) Agricultural goods.
(d) Public goods.
119. Consumer surplus means -------------------------------------------.
(a) the area inside the budget line.
(b) the area between the average revenue and marginal revenue curves.
(c) the different between the maximum amount a person is willing to pay for a good
and its market price.
(d) none of the above.
120. A horizontal supply curve parallel to the quantity axis implies that the elasticity of
supply is ---------
(a) zero.
(b) infinite.
(c) equal to one.
(d) greater than zero but less than one.
121. The average product of labour is maximized when marginal product of labour ------------.
(a) equals the average product of labour.
(b) equals zero. 26
(c) is maximized.
(d) none of the above.
122. When ______________________________ , we know that the firms are earning just
normal profits.
(a) AC = AR
(b) MC = MR
(c) MC = AC
(d) AR = MR
123. In a free market economy, when consumers increase their purchase of a good and the
level of ________________exceeds ______________ then prices tend to rise.
(a) demand, supply.
(b) supply, demand
(c) prices, demand
(d) profits, supply.
124. ____________ is the apex bank for agriculture credit.
(a) RBI
(b) SIDBI
(c) NABARD
(d) ICICI
125. India has the _____________ largest scientific and technical manpower in the world.
(a) fifth
(b) tenth
(c) eighth
(d) second
126. About ________ percent of the sick units in India are small units.
(a) 10 percent
(b) 5 percent
(c) 30 percent
(d) 98 percent.
127. The Tenth Plan aims at achieving a growth rate of _______________ in the industrial
sector.
(a) 5 per cent
(b) 8 percent 27
(c) 10 percent
(d) 6 percent
128. Nearly __________ percent of working population is engaged in the service sector.
(a) 23 percent
(b) 45 percent
(c) 80 percent
(d) 50 percent
129. Service sector accounted for nearly ______________ percent of exports (2004-05).
(a) 10 percent
(b) 20 percent
(c) 35 percent
(d) 80 percent
130 A situation of employment in which a person is apparently employed but his contribution
to the production is almost nil is called ________ unemployment.
(a) structural.
(b) chronic.
(c) disguised.
(d) cyclical.
131. ______________ unemployment may result when some workers are temporarily out of
work while changing job.
(a) Cyclical.
(b) Voluntary.
(c) Frictional.
(d) seasonal
132. According to the Planning Commission, a person is said to be below poverty line, if he
is earning less than ___________ per capita per month for urban areas and less than -
------------ per capita per month for rural areas.
(a) Rs.2000; Rs.3000
(b) Rs.500; Rs.1000
(c) Rs.240; Rs.200
(d) Rs.265; Rs.225 28
PART III
Read the following paragraph and answer questions 133-134.
In 1940, Hitler’s air force bombed Rotterdam, a beautiful city in Holland. Twenty five thousand
homes, 1200 factories, 69 schools and 13 hospitals were destroyed. Nearly 75,000 people
became homeless and 1000 people died. 35 % of the port was gutted by the German army.
133. The above destruction would mean:
(a) A complete wipe off of the Production Possibilities Curve (PPC) of Rotterdam.
(b) An outward shift of the PPC of Rotterdam.
(c) An inward shift of the PPC of Rotterdam.
(d) A downward movement on the same PPC of Rotterdam.
134. If immediately after the war, Rotterdam rebuilt its port with the help of most up to date
cranes, docks and cargo handling technology. By the end of the reconstruction, ships
were loading and unloading faster and at lower cost than any where in the world. It
became more efficient than it was before the destruction. This means:
(a) Rotterdam has come back to its original PPC.
(b) Rotterdam has shifted to a higher PPC.
(c) Rotterdam has shifted to a lower PPC.
(d) Nothing can be said.
Read the following figure and answer questions 135-137.
135. Which of the following represents the concept of trade-offs?
(a) A movement from point
A to point B.
(b) A movement from point
U to point C.
(c) Point W.
(d) Point U.


29
136. Which of the following would not move the PPF for this economy closer to point W?
(a) A decrease in the amount of unemployed labour resources.
(b) A shift in preferences toward greater capital formation.
(c) An improvement in the overall level of technology.
(d) An increase in the population growth rate.
137. Unemployment or underemployment of one or more resources is illustrated by
production at point:
(a) A
(b) C.
(c) U
(d) W
PART IV
Use Table 1 to answer questions 138-140.
Output (O) 0 1 2 3 4 5 6
Total Cost (TC): Rs.240 Rs.330 Rs.410 Rs.480 Rs.540 Rs.610 Rs.690
138. The average fixed cost of 2 units of output is :
(a) Rs.80
(b) Rs.85
(c) Rs.120
(d) Rs.205
139. The marginal cost of the sixth unit of output is:
(a) Rs.133
(b) Rs.75
(c) Rs.80
(d) Rs.450
140. Diminishing marginal returns starts to occur between units:
(a) 2 and 3
(b) 3 and 4
(c) 4 and 5
(d) 5 and 6 30
Use Table 2 to answer questions 141-143
Table 2: Production Possibilities
Production
possibilities
A B C D E F
Good A 0 1 2 3 4 5
Good B 30 28 24 18 10 0

141. According to Table 2, the opportunity cost of increasing Good A’s production from 2 to
4 units is equal to:
(a) 10 units of B
(b) 14 units of B
(c) 24 units of B
(d) 2 units of B.
142. According to Table 2, the opportunity cost of increasing one unit of Good B from 10
units to 18 units is:
(a) 3 units of A.
(b) 1 unit of A.
(c) 0.125 units of A.
(d) 0.5 units of A.
143. Given the data in Table 2, as one moves from successively from point A to point B, C,
D, E and F, the opportunity cost of Good A:
(a) increases as more of good A is produced.
(b) decreases as more of good A is produced.
(c) remains constant.
(d) is always equal to one unit of B.
144. Suppose a department store has a sale on its silverware. If the price of a place-setting
is reduced from Rs. 300 to Rs.200 and the quantity demanded increases from 3,000
place-settings to 5,000 place-settings, what is the price elasticity of demand for
silverware?
(a) .8
(b) 1.0
(c) 1.25
(d) 1.50 31
145. A discount store has a special offer on CDs. It reduces their price from Rs.150 to
Rs.100. Suppose the store manager observes that the quantity demanded increases
from 700 CDs to 1,300 CDs. What is the price elasticity of demand for CDs?
(a) .8
(b) 1.0
(c) 1.25
(d) 1.50
146. If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs.100 and
quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the price
elasticity of demand for pizzas is:
(a) .67
(b) 1.5
(c) 2.0
(d) 3.0
147. Suppose that a sole proprietorship is earning total revenues of Rs.100,000 and is
incurring explicit costs of Rs.75,000. If the owner could work for another company for
Rs.30,000 a year, we would conclude that:
(a) the firm is incurring an economic loss.
(b) implicit costs are Rs.25,000.
(c) the total economic costs are Rs.100,000.
(d) the individual is earning an economic profit of Rs.25,000.
Use Table 3 to answer questions 148-150.
Table 3
Hours of Labour Total Output Marginal Product
0 --- ---
1 100 100
2 ________ 80
3 240 ________
148. What is the total output when 2 hours of labour are employed?
(a) 80
(b) 100
(c) 180
(d) 200 32
149. What is the marginal product of the third hour of labour?
(a) 60
(b) 80
(c) 100
(d) 240
150. What is the average product of the first three hours of labour?
(a) 60
(b) 80
(c) 100
(d) 240
SECTION – D : QUANTITATIVE APTITUDE (50 MARKS)

PART I
151. Simple random sampling is very effective if
(a) The population is not very large.
(b) The population is not much heterogeneous.
(c) The population is partitioned into several sections.
(d) Both (a) and (b).
152. Which of the following pairs of events are mutually exclusive?
(a) A : The student reads in a school. B : He studies Philosophy.
(b) A : Raju was born in India. B : He is a fine Engineer.
(c) A : Ruma is 16 years old. B : She is a good singer.
(d) A : Peter is under 15 years of age. B : Peter is a voter of Kolkata.
153. Which of the following statements is untrue for tabulation?
(a) Statistical analysis of data requires tabulation.
(b) It facilitates comparison between rows and not columns.
(c) Complicated data can be presented.
(d) Diagrammatic representation of data requires tabulation.
154. For a moderately skewed distribution, which of he following relationship holds?
(a) Mean – Mode = 3 (Mean – Median)
(b) Median – Mode = 3 (Mean– Median)
(c) Mean – Median = 3 (Mean – Mode)
(d) Mean – Median = 3 (Median – Mode)
155. If two events A and B are independent, then P(A Ç B)
(a) Equals to P(A) + P(B). 34
(b) Equals to P(A)´ P(B).
(c) Equals to P(A) ´ P(B/A).
(d) Equals to P(B) ´ P(A/B).
156. Regression analysis is concerned with
(a) Establishing a mathematical relationship between two variables.
(b) Measuring the extent of association between two variables.
(c) Predicting the value of the dependent variable for a given value of the
independent variable.
(d) Both (a) and (c).
157. For a Poisson distribution,
(a) Mean and standard deviation are equal.
(b) Mean and variance are equal.
(c) Standard deviation and variance are equal.
(d) Both (a) and (b).
158. The best method to collect data in case of natural calamity is
(a) Personal interview.
(b) Telephone interview.
(c) Mailed questionnaire method.
(d) Indirect interview.
159. Sequence of periodic payments/ receipts regularly over a period of time is called
(a) Perpetuity.
(b) Annuity.
(c) Annuity regular.
(d) Annuity due.
160. Which of the following statements is true?
(a) Usually mean is the best measure of central tendency.
(b) Usually median is the best measure of central tendency.
(c) Usually mode is the best measure of central tendency.
(d) Normally, GM is the best measure of central tendency.
PART II
161. _________ distribution is symmetrical when p = 0.5.
(a) Chi- square 35
(b) Population
(c) Poisson
(d) Binomial
162. log 32/4 is equal to ________.
(a) log 32/log4
(b) log 32 – log4
(c) 2
3

(d) None of these
163. If _______, the roots are real and equal.
(a) b
2
– 4ac= 0
(b) b
2
– 4ac> 0
(c) b
2
– 4ac<0
(d) b
2
– 4ac £ 0
164. ________ is the mean proportional between 12x
2
and 27y
2
.
(a) 18xy
(b) 81 xy
(c) 8 xy
(d) 19.5 xy
165. The letters of the words CALCUTTA and AMERICA are arranged in all possible ways.
The ratio of the number of these arrangement is _______.
(a) 1: 2
(b) 2:1
(c) 1:1
(d) 1.5:1
166. The 7
th
term of the series 6, 12, 24……is_______.
(a) 384
(b) 834
(c) 438
(d) 854
167. The two variables are known to be_______ if the movement on the part of one variable
does not produce any movement of the other variable in a particular direction.
(a) Correlated 36
(b) Positive correlated
(c) Negative correlated
(d) Uncorrelated
168. If two letters are taken at random from the word HOME , _________ is the probability
that none of the letters would be vowels.
(a) 1/6
(b) 1/2
(c) 1/3
(d) 1/4
169. In ________ years a sum will double at 5% p.a. compound interest.
(a) 15 years 3 months
(b) 14 years 2 months
(c) 14 years 3 months
(d) 15 years 2 months
170. When the data are classified in respect of successive time points, they are known
as_______.
(a) Chronological data
(b) Geographical data
(c) Ordinal data
(d) Cordinal data
PART III
171.
x 2
lim®-

x 2
x 4
2
+
-
is equal to
(a) 4
(b) –4
(c) does not exist
(d) None of these
172. The derivative of y = x + 1 is
(a) 1 / x + 1
(b) – 1 / x + 1
(c) 1 / 2 x + 1 37
(d) None of these
173.

logx dx is equal to
(a) x logx
(b) x logx – x
2
+ k
(c) x logx + k
(d) None of these
174. If g(x) = x–1/x, g(–½) is
(a) 1
(b) 2
(c) 3/2
(d) 3
175. The sum of first n natural number
(a) (n/2) (n +1)
(b) (n/6) (n +1) (2n +1)
(c)
2
[(n/2) (n +1)]
(d) None of these.
176. Chain index is equal to
(a)
100
link relative of current year ´ chain index of the current year

(b)
100
link relative of previous year ´chain index of the current year

(c)
100
link relative of current year ´chain index of the previous year

(d)
100
link relative of previous year ´ chain index of the previous year

177. If from a population with 25 members, a random sample without replacement of 2
members is taken, the number of all such samples is
(a) 300
(b) 625
(c) 50
(d) 600
178. If A = Rs. 1000, n = 2 years, R = 6% p.a compound interest payable half-yearly then 38
principal ( P ) is
(a) Rs. 888.80
(b) Rs. 880
(c) 800
(d) None of these
179. There are 10 trains plying between Calcutta and Delhi. The number of ways in which a
person can go from Calcutta to Delhi and return by a different train is
(a) 99
(b) 90
(c) 80
(d) None of these.
180. Every person shakes hands with each other in a party and the total number of hand
shakes is 66. The number of guests in the party is
(a) 11
(b) 12
(c) 13
(d) 14
181. The sum of a certain number of terms of an AP series –8, –6, –4, …… is 52. The
number of terms is
(a) 12
(b) 13
(c) 11
(d) None of these.
182. If you save 1 paise today, 2 paise the next day 4 paise the succeeding day and so on,
then your total savings in two weeks will be
(a) Rs. 163
(b) Rs. 183
(c) Rs. 163.83
(d) None of these.
183. If the set P has 3 elements, Q four and R two then the set P×Q×R contains
(a) 9 elements.
(b) 20 elements.
(c) 24 elements.
(d) None of these. 39
184. A function f(x) is defined by f(x) = (x–2)+1 over all real values of x. now f(x) is
(a) Continuous at x = 2
(b) Discontinuous at x = 2
(c) Undefined at x = 2
(d) None of these.
185. The number of accidents for seven days in a locality are given below :
No. of accidents : 0 1 2 3 4 5 6
Frequency : 15 19 22 31 9 3 2
What is the number of cases when 3 or less accidents occurred?
(a) 56
(b) 6
(c) 68
(d) 87
186. On the average experienced person does 5 units of work while a fresh one 3 units of
work daily but the employer has to maintain an output of at least 30 units of work per
day. This situation can be expressed as
(a) 5x + 3y £ 30
(b) 5x + 3y >30
(c) 5x + 3y ³ 30
(d) None of these
187. The mean salary for a group of 40 female workers is 5200 per month and that for a group
of 60 male workers is 6800 per month . What is the combined mean salary?
(a) 6500
(b) 6200
(c) 6160
(d) 6100
188. The standard deviation of, 10, 16, 10, 16, 10, 10, 16, 16 is
(a) 4
(b) 6
(c) 3
(d) 0
189. A bag contains 15 one rupee coins, 25 two rupee coins and 10 five rupee coins. If a
coin is selected at random from the bag, then the probability of not selecting a one 40
rupee coin is
(a) 0.30
(b) 0.70
(c) 0.25
(d) 0.20
190. If a card is drawn at random from a pack of 52 cards, what is the chance of getting a
Spade or an ace?
(a) 4/13
(b) 5/13
(c) 0.25
(d) 0.20
191. The quartile deviation of a normal distribution with mean 10 and SD 4 is
(a) 0.675.
(b) 67.50 .
(c) 2.70.
(d) 3.20.
195. Five times of a positive whole number is 3 less than twice the square of the number.
The number is
(a) 3
(b) 4
(c) –3
(d) 2
196. If the profits of a company remains the same for the last ten months, then the standard
deviation of profits for these ten months would be ?
(a) Positive
(b) Negative
(c) Zero
(d) (a) or (c)
197. The mean of a binomial distribution with parameter n and p is
(a) n (1– p).
(b) np (1 – p).
(c) np.
(d) np(1– p) .
198. The total area of the normal curve is
(a) One.
(b) 50 per cent.
(c) 0.50.
(d) Any value between 0 and 1.
199. What is the present value of Re.1 to be received after two years compounded annually
at 10% ?
(a) 0.73
(b) 0.83
(c) 0.93
(d) None of these.
200. The sum of the series 9, 5, 1,…. to 100 terms is
(a) –18900
(b) 18900
(c) 19900
(d) None of these

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1. Securities premium will be shown in Balance
Sheet under the head of ____
a) Reserves & Surplus b) Miscellaneous exp.
c) Loans & advances d) None

2. Which of the following provide frame work
and accounting policies so that the financial
statements of different enterprises become
comparable.
a) Business Standards
b) Accounting Standards
c) Market Standards d) None

3. Which of the following factor is not considered
while selecting accounting policies?
a) Prudence b) Substance over form
c) Accountancy d) Materiality

4. Prorata basis allotted 5000 shares out of
7500 shares were applied, then 600 shares
were applied by a person, how many shares
allotted and how much amount adjusted to
allotment account. If application money is
Rs.2 per share ____, ______
a) 400 shares 600/- b) 200 shares 300/-
c) 200 shares 600/- d) 300 shares 500/-

5. Debit the receiver & credit the giver is _____
account
a) Personal b) Real
c) Nominal d) All the above

6. Cash a/c is a ______
a) Real a/c b) Nominal
c) Personal d) None

7. Which of the following is a characteristic of a
partnership
a) Artificial person
b) Perpetual succession
c) Limited liability of all partners d) None
8. X and Y are partners. Their profit sharing
ratio is 5:3. They admitted a partner Z for
5
1 th share and contribute equally by the old
partners, then new profit sharing ratio is __
a) 21:11:8 b) 20:8:9 c) 22:5:6 d) 5:3:2

9. Working capital is ______
a) Current Assets – Current liabilities
b) Fixed Assets- Current liabilities
c) Fixed Assets – liabilities
d) Fixed Assets – Current Assets
10. Sub-partner in the partnership is
a) a partner & the known person
b) a two partners in the same firm
c) two partners in the different time
d) none of these

11. Securities premium used for the purpose of
a) Dividends b) fully paid bonus shares
c) capital loss d) none of these

12. Cash Rs. 6750 paid to M but debited to N
account. What would be the effect?
a) Trial balance b) Balance sheet
c) Individual ledgers d) total debtors

13. If there is no agreement in between the
partners for sharing profits & losses then they
share profits or losses in the ratio of ____
a) capital ratio at the beginning
b) equally c) capital ratio at the ending
d) none of the above

14. Balance in share forfeiture account is shown
under the head of ____
a) share capital b) reserves & surplus
c) secured loans d) current liabilities

15. Dissolution of partnership automatically takes
place
a) if the business becomes unlawful
b) if any one at the partners became insolvent
c) if all the partners became insolvent
d) all of the above

16. Error relating to fundamental aspect of ____
a) error of principle
b) error of commission
c) error of compensating d) error of omission

17. Liability on bills discounted at the time of final
accounts is treated as ____
a) not an liability b) current liability
c) differed liability d) contingent liability

18. Profit or loss on revaluation is shared by old
partners in _____ ratio
a) old profit sharing ratio
b) new profit sharing ratio
c) sacrificing ratio d) gaining ratio

19. Goods given as charity credited to _ account
a) charity b) purchases
c) drawings d) sales

20. In sale by description, subject matter can be
in the form of
a) sample words b) symbols
c) numbers d) all of the above

21. Selection of accounting policies appropriation
is not based on
a) prudence b) amount involved
c) substance over form d) materiality

22. As per accrual concept, which of the
followings is not true
a) revenue – expenditure = profit
b) revenue – profit = expenditure
c) sales + gross profit = revenue
d) revenue = profit + expenditure

23. A company forfeited A’s 1000 shares Rs. 10
each @ 10% discount. But A failed to pay
first call of Rs. 2 and final call of Rs. 4 and all
the shares were re issued for Rs.8 per share
as fully paid up. The loss on re issue is ____
to forfeited account will be _____
a) debited Rs. 1,000
b) debited Rs. 2,000
c) credited Rs. 2,000
d) No affected will be made

24. Mr. X sold goods to Mr. Y ask Mr. X to keep
the goods with him for some time
a) symbolic delivery
b) actual delivery
c) constructive delivery
d) none of these

25. The credit balance in the ledger account
shows
a) revenue or an asset
b) expense or an asset
c) expense or an liability
d) revenue or an liability

26. Subsidiary and journal are called
a) primary books b) secondary books
c) principal books d) cash book

27. Hari, Roy and Prasad are sharing in 3:5:1.
The Roy retired then his share was taken by
Prasad fully, then Hari & Prasad profit
sharing ratio is _____
a) 1 : 2 b) 2 : 1 c) 3 : 2 d) equally

28. The liability of a partner in a firm to outside is
_____
a) unlimited
b) Unlimited up to their capital sharing ratio
c) Unlimited up to their guaranteed amount
d) Unlimited up to their profit sharing ratio

29. Cost of goods sold Rs.80,700 ; Opening
stock Rs.5,800, Closing stock Rs.6,000 then
purchases is Rs. ____
a) 80,500 b) 74,900 c) 74,700 d) 80,900

30. If JLP is taken jointly, on death of a partner
______ is distributed to partners against JLP
a) Policy amount b) Surrender value
c) Surrender value for dead partner & policy
value for other d) none of these

31. Closing stock increased by 5000, gross profit
ratio 10% then what will be the profit
a) Gross profit will be increased by 5000
b) Gross profit will be decreased by 5000
c) Increase by 500 d) decrease by 500

32. Provision for doubtful debts is Rs.1000 &
debtors are Rs.90,000 at end of year,
provision for doubtful debt 1% required, then
the entry
a) P & L A/c Dr 900
To provision for doubtful debts 900
b) Provision for doubtful debts 900
To P & C A/c 900
c) P & L A/c Dr 100
To RDD A/c 100
d) none of these

33. If nothing is written about the accounting
assumption to be followed it is presumed that
a) They have been followed
b) They have not been followed
c) They are followed to some extent
d) none of these

34. By preparing trail balance the errors can be
revealed the following
a) Posting an entry twice in the ledger
b) Debit of Rs. 1000 is credited twice
c) Omission of complete entry d) none

35. The sale __ is completed with reserved price
a) sale by sample b) sale by description
c) sale by auction d) sale by staple

36. The buyer refused to take delivery and the
seller refused to take return then the goods
are
a) Deemed to be in transit
b) Not deemed to be in transit
c) both d) none of these

37. Payment made to creditor is with cash
discount is ____
a) reduce asset & reduce liability, add to expenses
b) reduce asset & reduce liability, add to income
c) reduce asset & increase liability, add to expenses
d) increase asset & reduce liability, add to income
38. Purchased the asset for Rs. 2,00,000 with
available discount 20% then what amount
should be credited to debentures A/c, when
the purchase consideration is discharged by
the issue of debentures.
a) Rs.2,00,000 b) Rs.1,80,000
c) Rs. 1,60,000 d) Rs.2,40,000

39. A sold goods to B on credit for Rs. 10,000
but debited to C instead of B. What will be
effected
a) trail balance b) individual account
c) balance sheet d) total debtors

40. On 31-3-09 the balance of the cash book is
Rs. 7074 (credit) and balance as per bank
statement is Rs. 3159 (debit). On scrutiny it
was found that the difference was due to
cheque issued but not yet presented for
payment. The bank balance as on 31-3-09
will be shown in bank statement as ____
a) as bank overdraft Rs. 3159
b) as cash at bank Rs. 7074
c) as bank overdraft Rs. 7074
d) as cash at bank Rs. 3159

41. A purchased a computer on 1-4-06 for
Rs.60,000 and another on 1-10-07 for Rs.
40, 000. He charged depreciation @ 20% p.a
under straight line method. What will be the
balance as on 31-03-09
a) Rs.40,000 b) Rs.64,000
c) Rs.52,000 d) Rs.48,000

42. A company forfeited 2000 shares of Rs. 10
each held by Mr. John for non payment of
allotment money of Rs. 4 per share. The
called up value per share was Rs. 9 on
forfeiture. The amount debited to share
capital will be Rs._____
a) 10,000 b) 8,000
c) 2,000 d) 18,000

43. Cost of goods sold Rs.10,000, Opening stock
Rs.2,000 and Closing stock Rs. 3,000. Find
the amount of purchases _____
a) Rs.10,000 b) Rs.11,000
c) Rs.15,000 d) Rs.9,000

44. A draws a bill on B. B did not accept the
same. Which of the following Journal entries
in the books of A
a) B/R A/c Dr b) B A/c Dr
To B A/c To B/P A/c
c) B A/c Dr d) No entry is passed
To B/R A/c



45. A owned Rs. 25,000 to B. A is insolvent. B
got A’s computer valuing Rs. 11,500 in full
settlement. Pass the Journal entry in the
books of B.
a) Purchases a/c Dr 11,500
To A a/c 11,500
b) Computer a/c Dr 11,500
Bad debts a/c Dr. 13,500
To A a/c 25,000
c) Computer a/c Dr 25,000
To A a/c 25,000
d) Computer A/c Dr 11,500
To A a/c 11,500

46. An amount of Rs. 8765 paid to M was
debited to N
a) increase in net profit
b) Decrease in net profit c) increase in asset
d) no effect on net profit

47. At the end of financial year, accounts
receivable has a balance of Rs.1 lakh &
provision for bad & doubtful debts provided
amounting to Rs.7,000. The expected of net
realisable value of A/c receivable is Rs.____
a) 7,000 b) 1,07,000
c) 93,000 d) 1,00,000

48. Rosa paid Rs.1,200 on 1-7-09 towards yearly
subscription (July 1, 2009 to June 30, 2010)
of a newspaper. It means she has to make
adjustment of _____ expenses for finalisation
of a/c for the year ended 31-3-10
a) Rs.300 as prepaid
b) Rs.300 as outstanding
c) Rs.200 as prepaid
d) Rs.200 as outstanding

Part B - M.Law

49. Prima facie risk passes with _____
a) property of ownership
b) computed agreement
c) verification & delivery of goods
d) payment of price

50. Reserve price is considered in ____
a) sale by sample b) sale by description
c) sale by auction d) all of the above

51. An unpaid seller’s right of storage of goods in
transit can be excised only the buyer is
insolvent
a) true b) partly true c) false d) none

52. A agrees to sell B smuggled goods for Rs.
1000 per unit. The agreement is void due to
a) uncertainty b) illegality
c) impossibility d) immortality

53. Which of the following will be account in
fiduciary position
a) parent and son b) doctor and patient
c) all of the above d) none

54. Partnership agreement between persons
arise from
a) the states of person b) operation of law
c) the contract of those person
d) none of these

55. The transactions collateral to illegal
agreements is ____
a) valid
b) voidable at the option of plaintiff
c) also illegal & not enforceable by law
d) none of these

56. A sleeping partner is ____
a) not take active part in the firm
b) take only salary from the firm
c) not contribute capital to the firm
d) none of these

57. A sells to B 100 Kg. of wheat on the due date
B says to A to keep the wheat for some time.
This is a _____
a) symbolic delivery b) actual delivery
c) constructive delivery d) none

58. Counter offer is a ____
a) change in the original offer
b) rejection of original offer
c) same as original offer
d) not a offer at all

59. Offer can be withdrawn when
a) before the acceptance of offers against
the oferror
b) after the acceptance of offers against the
oferror
c) at any time
d) cannot be withdrawn

60. Future goods are the subject matter of
a) sale
b) agreement to sale
c) neither sale or agreement to sale
d) both sale & agreement to sale

61. ______ agreements are created by situation
a) written b) oral
c) void d) implied

62. Under the Indian contract act 1872, the age
of the person to enter into the contract is
a) 21 years b) 16 years
c) less than one day of 18 years
d) 1 day more than 18 years

63. Partnership is dissolved automatically in
cases of ____
a) All partners are insolvent
b) All partners expect one are insolvent
c) The subject matter becomes unlawful
d) In any of the above statements

64. A invites B to attend to his son’s Birthday
party and arranged everything but B failed
then
a) Here there is no contract
b) There is no intention to create relationship
c) both of the above
d) none of the above

65. In case of _____ sale, it is subjected to be
complete at reserve price
a) Sale of sample b) Sale of description
c) Sale of auction d) Reissue of shares

66. Which of the following is under implied
authority of a partner in a firm
a) submit a dispute of firm to arbitration
b) acquire a immovable property behalf of
firm
c) open a bank account on behalf of firm in
his own name
d) participate in the business, decisions

67. Sharing of profits in a partnership firm is
a) Conclusive evidence
b) Not a conclusive evidence
c) must in firms
d) not compulsory

68. A partner in an dangerous situation can act
as a person who is in ____
a) ordinary situation
b) as an agent of the firm
c) as an major in the firm
d) all of the above

69. The implied warranty of contract of sale
a) The goods should satisfy buyer purpose
b) The right of the seller to sell the goods
c) Seller can get back his goods at any time
d) none of these

70. If the goods are “perishable goods” then
seller resales the goods then the buyer gets
a) good title b) partied goods
c) no title d) none

1. A 2. B 3. C 4. A 5. A
6. A 7. D 8. A 9. A 10. D
11. B 12. C 13. B 14. A 15. D
16. A 17. D 18. A 19. B 20. D
21. B 22. C 23. A 24. A 25. D
26. A 27. A 28. A 29. D 30. A
31. A 32. A 33. B 34. B 35. B
36. A 37. B 38. C 39. B 40. A
41. C 42. D 43. B 44. D 45. B
46. D 47. C 48. A

Part – B -
49. A 50. C 51. A 52. B 53. B
54. C 55. C 56. A 57. A 58. A
59. A 60. B 61. D 62. D 63. D
64. B 65. C 66. D 67. C 68. D
69. A 70. A 71. 72. 73.

Part A - Economics

1. Allocation of resources is the subject matter
of _____
a) Micro economics b) Macro economics
c) Development economics
d) Welfare economics

2. Micro Economics is connected with ____
a) Consumer’s Behaviour b) Product pricing
c) Factor pricing d) all of these

3. Fixed costs are also called ____
a) direct costs b) prime costs
c) supplementary costs d) opportunity costs

4. Direct costs are also known as ____
a) traceable costs b) indirect costs
c) opportunity costs d) none of these

5. OPEC is an example for
a) monopoly
b) monopolistic competition
c) perfect competition d) oligopoly

6. The firms AFC is Rs.200 for 10 units. What
will be the average fixed costs at 20 units?
a) 500 b) 100 c) 150 d) 300

7. Long run price is also known as ____
a) administered price b) market price
c) normal price d) none

8. Toothpaste industry is an example for ____
a) monopoly b) monopolistic competition
c) oligopoly d) perfect competition

9. AR & MR are same in ____ market
a) oligopoly b) monopoly
c) perfect competition d) none

10. In monopoly when price elasticity is 1, then
the MR is___
a) 1 b) 0 c) negative d) positive

11. Amount paid to the outside factors of
production are known as ___
a) implicit costs b) explicit costs
c) traceable costs d) opportunity costs

12. An increase in demand with unchanged
supply leads to ____
a) rise in price b) fall in price
c) no change in price
d) an increase in supply
13. When supply curve takes a rightward shift,
then supply ____
a) decreases b) contracts
c) expands d) increases

14. When the income increases, then demand
decreases for ____
a) veblen goods b) conspicuous goods
c) normal goods d) inferior goods

15. Which of the following are not true?
a) Wants are limited
b) resources are scarce
c) resources have alternative uses
d) both (b) & (c)

16. Average revenue curve is also known as ___
a) profit curve b) demand curve
c) supply curve d) none of these

17. Which of the following statements is in
correct?
a) Competitive firms are price takers and not
price makers
b) Price discrimination is possible in
monopoly only
c) Duopoly may lead to monopoly
d) Competitive firms always try to
discriminate prices

18. Find AFC of 2 units by using the table given
below:
Output 0 1 2
TC 580 690 850
a) 105 b) 135 c) 290 d) 161

19. If the total utility of a commodity is 5 and
marginal utility is 1, a person consumes 3
units. What is consumer’s surplus?
a) 6 b) 8 c) 2 d) 3

20. The first stage of law of variable proportions
is known as _____
a) increasing returns b) diminishing returns
c) constant returns d) none

21. Primary sector includes ____
a) Transport and shipping
b) banking and financial institutions
c) mining and quarrying d) insurance

22. The IRDP was started in ____ plan
a) 5th b) 6th c) 7th d) 8th

23. Which is the regulatory authority of telecom
in India
a) BSNL b) MTNL c) SEBI d) TRAI

24. GNP = ____ + NFIA
a) NNP FC b) NNP MP
c) GDP d) National Income

25. National Income is measured by _____
a) Ministry of finance b) CSO
c) RBI d) SBI

26. The difference between narrow money and
broad money is _____
a) Time deposits b) Saving deposits
c) Post office saving deposits
d) none of these

27. Which of the following related to financial
reforms _____
a) Banking b) Insurance
c) Capital d) All of these

28. The main reason behind the implementation
of economic reforms in the year 1991 is ____
a) Indication from world bank
b) Failure of economic policies of present
government
c) low foreign exchange reserves
d) none of these

29. National Bank for agriculture and rural
development (NABARD) is _____
a) a commercial bank
b) a co-operative bank
c) an apex bank set up for rural & agriculture
credit d) a subsidiary of SBI

30. In India, most of the unemployment is _____
a) Disguised b) Open
c) Cyclical d) Urban

31. Personal disposable income is _______
a) Personal Income – net indirect taxes
b) Personal Income – Indirect taxes
c) Personal Income – personal taxes
d) none of these

32. Fiscal policy refers to ____
a) Public debt b) public revenue
c) public expenditure d) all of the above

33. The systematic record of all receipts and
payments of international trade is known as _
a) Balance of Trade
b) Balance of Payment
c) Balance of current account
d) Balance of capital account.

34. 1921 is termed as ____ in the history of
Indian population
a) beginning census b) big divide
c) beginning registration system
d) beginning of family planning

35. Trade disputes in international trade are
settled by ____
a) WTO b) ILO c) IBRD d) UNO

36. The static function of money is____
a) store of value b) medium of exchange
c) standard of differed payments
d) all of these

37. The apex bank for industrial finance in India
is ____
a) IDBI b) RBI
c) SBI d) Ministry of Finance

38. The main cause for unemployment in India is
____
a) raising prices
b) increase in public expenditure
c) defective mandatory policy
d) unproper utilization of resources

39. Devaluation of currency stands for _____
a) increase in the value of domestic currency
in terms of foreign currency
b) decrease in the value of domestic
currency in terms of foreign currency
c) keeping value of domestic currency as
constant in terms of foreign currency
d) none of these

40. Purchasing power of a consumer is low when
rise in the general price level is a situation
relates to ____
a) inflation b) deflation
c) stagflation d) none

41. Measurement of value of goods and services
is ____ function of money
a) medium of exchange b) unit of account
c) standard of differed payments
d) store of value

42. Important problem in calculating GNI is ____
a) double counting b) smuggling
c) black marketing d) unorganized market


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Answered By StudyChaCha Member

I have completed my 12th and want to prepare for the CA CPT exam and for doing CPT exam preparation I am looking for the CPT Previous Year Question Papers. Will you please provide me some last year question papers along with CPT books name?

As per your query here I am providing you the CPT Previous Year Question Papers so that you can prepare well for your exams.

CPT previous year paper

1. Which of the following is wrong?
a) All real and personal accounts are
transferred to balance sheet
b) Nominal accounts are transferred to
P & L account
c) Each account is opened separately in ledger
d) Rent is a personal account, outstanding rent
is nominal account
2. In Journal Entries which pertain to outstanding
entries, prepaid entries, depreciation entries
are called
a) Adjustment Entries b) Rectification Entries
c) Transfer Entries d) closing Entries
3. In a three column cash book the discount
columns are
a) Totalled but not adjusted
b) Totalled and adjusted
c) Totalled but not balanced
d) None of the above
4. Cash Book O.D. Balance Rs. 2,000. It was found
that cheques of Rs. 100, Rs. 150, Rs. 175 which
are issued but not presented till the date and
the cheque of Rs. 600 deposited but have not
been cleared, then O.D. Balance as per pass
book is :
a) Rs. 2150 b) Rs. 2175
c) Rs. 1475 d) Rs. 1925
5. Bank Balance O.D. as per pass book Rs. 26,500.
Calculate balance as per cash book is
1) Cheques deposited for Rs. 4700 but not
collected
2) Cheques issued for Rs. 11,000 but not
presented
3) Bill discounted and dishonoured Rs. 4000,
and Bank paid noting charges Rs. 200
a) Rs.28600 O.D b) Rs.16000 O.D
c) Rs.24000 O.D d) Rs.28500 O.D
6. Agreement of Trial balance is not a ___ proof
of accuracy
a) Submissive b) Inclusive
c) Exhaustive d) Conclusive
7. Capital- Rs. 2,00,000 Interest paid- Rs. 2310
Debtors- Rs. 15,200 Discount allowed- Rs. 820
Creditors-Rs.12,960 Discount received-Rs. 1030
Purchases- Rs. 92,670 Rent - Rs. 14,670
Sales- Rs. 1,16,850 Loan - Rs. 12,060
Opening stock – Rs. 56,000
Sales returns – Rs. 27,430
Debit Total of Trial Balance will be
a) Rs. 2,09,000 b) Rs. 2,09,100
c) Rs. 2,10,000 d) None
8. From the following information find the
amount to be debited to P & L A/c for the
period ending 31-03-2014. Provision for
doubtful debts - Rs. 800 (on 01-04-2013)
Debtors on 31-03-2014 - Rs. 40,000
Bad debts - Rs. 2,000
Bad debts to be written off and provision for
doubtful debts is to be created @ 5% on
debtors
a) Rs. 3100 b) Rs. 4000
c) Rs. 3200 d) Rs. 3900
9. Opening Stock Rs.30,000,
Cost of goods available for sale Rs. 1,60,000,
Sales were Rs. 1,60,000.
Gross profit on sales is 30%
Calculate closing stock.
a) Nil b) Rs. 48,000
c) Rs. 98,000 d) None of the above
10. By products are generally valued at __ when
the cost of by products is not directly
traceable.
a) Cost of main products
b) N.R.V.
c) Cost of main product or N.R.V. which ever is
lower
d) None of these
11. The purpose of Accommodation bill
a) To facilitate trade transmission
b) To finance the actual purchases & sales
c) When both parties are in need of funds
d) None of these
12. A draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts
for 2 months. After 1 month ‘B’ paid the bill
amount @9%. Journal entry in the Books of ‘B’
will be
a) Bank A/c Dr.20,000
To Bills payable A/c 20,000
b) Bank A/c Dr.20,000
To Bills payable A/c 19,850
To Discount A/c 150
c) Bills payable A/c Dr. 20,000
To Bank A/c 20,000
d) Bills payable A/c Dr.20,000
To Discount A/c 150
To Bank A/c 19,850
13. Promissory note features
1) Must be stamped
2) Payee must sign
3) Conditional undertaking
4) Certain amount
5) Not transferable to bearer
a) 1,2,3,4 b) 1,4,5
c) All of the above d) None of these
14. In the absence of agreement, the loss of goods
in consignee godown is borne by
a) Consignor b) Consignee
c) Both a & b d) Insurance Company
15. Goods sent on consignment for Rs.50,000.
During transit 1/10th of goods were destroyed
by fire. Again 1/9th of goods received by
consignee were destroyed by fire in godown.
Half of the remaining goods were sold for
Rs.30,000. Freight & insurance paid by
consignor Rs.2,500 and Rs.1500 respectively.
Calculate closing Stock.
a) Rs.24,000 b) Rs.21,600
c) Rs.20,000 d) None
16. Yogam consigned cost of goods of Rs. 1,00,000
at an invoice price of 20% above cost.
Consignee is entitled to 5% commission on
sales up to Invoice price, 20% on sales which
exceeds invoice price, 2% delcredre
commission on credit sales. He sold 25% of
goods for cash for Rs. 40,000 and 50% of goods
on credit for Rs. 70,000, 10% of goods taken by
consignee. Calculate commission?
a) Rs. 10,500 b) Rs.9900
c) Rs.10,200 d) none
17. In case of Joint Venture business, method of
Accounting to be followed and decided by
a) Separate Act for J.V.
b) Accounting Standard
c) Co-venturer as per their convenience
d) ICAI
18. In case of purchase of machinery in joint
venture through joint bank A/c, while separate
set of books is maintained. Which of the
following is the correct entry.
a) Debit machinery, credit joint bank A/c
b) Debit machinery, credit joint venture A/c
c) Debit Joint venture, credit joint bank A/c
d) Debit Joint venture A/c, Credit machinery
A/c
19. ‘A’ and ‘B’ enter into a joint venture business
‘A’ purchased goods worth Rs. 30,000 and ‘B’
sold for Rs. 40,000. ‘A’ is entitled to 1%
commission on purchases and ‘B’ is entitled to
5% commission on sales. The profit on venture
to be shared by A & B is (The profit sharing
ratio is 2:1)
a) Rs. 4000 : Rs. 2000 b) Rs. 5133 : Rs. 2567
c) Rs. 5000 : Rs. 2500 d) Rs. 4200 : Rs. 2100
20. Rohan Ltd is in the business of extracting coal
from mines. It should charge depreciation as
per _____ method.
a) Sinking fund b) Annuity
c) Production units d) Depletion method
21. Cost of machine is Rs.1,00,000 Scrap value Rs.
10,000 and life is 4 years. What will be the
amount of depreciation in 3rd year according to
sum of years digits method
a) Rs.40,000 b) Rs.27,000
c) Rs.9,000 d) Rs.18,000
22. A Trader followed WDV method of
depreciation, the book value of Asset after 4
years is 24% of original cost. Find rate of
depreciation.
a) 24% b) 26% c) 32 % d) 30%
23. Loss on sale of machinery is credited to __
account.
a) Machinery A/c b) Purchase A/c
c) Profit & Loss A/c d) None
24. A machine purchased for Rs. 2,50,000 on
1.1.2010. It can produce 30,000 units during its
useful life, its estimated scrap value is Rs.
10,000. The pattern of production over the
next 4 years is as follows 2010 – 6250 units,
2011-2275 units, 2012-12,000 units, 2013-
3452 units, the WDV of the machine after 3rd
year will be
a) Rs. 85,800 b) Rs. 1,54,200
c) Rs. 58,158 d) Rs. 1,91,816.
25. After rectification of the following errors,
effect on Net profit will be
i) A cheque dishonoured Rs.3,100 debited to
discount A/c
ii) Sales book (undercast) short by Rs.23,000
iii) A customer returned goods of value of
Rs.1,200, included in stock but not recorded
a) Increased by Rs. 24,900
b) Decreased by Rs. 24,900
c) Increased by Rs. 23,700 d) No change
26. The following are the errors committed while
the entries are posted in ledger.
1) Errors of Principle
2) Errors of commission.
3) Errors of Partial omission
4) Errors of complete omission.
a) 1,2,3,4 b) 2,3,4 c) 1,2,4 d) 1,3,4
27. InCase of insufficient profits i.e., profits less
than interest on capital then the profits are
distributed in :
a) Profit sharing ratio b) Capital ratio
c) Not distributed d) None
28. The assets which were earlier revalued upward
and now revalued downward, to the extent of
earlier upward revaluation amount should be.
a) Credited to Revaluation Reserve A/c
b) Debited to Revaluation Reserve A/c
c) Credited to P&L A/c d) Debited to P&L A/c
29. A, B are partners sharing profit & losses in the
ratio of 5 : 3. ‘C’ admitted as a new partner for
1/5th share and his capital is Rs. 1,20,000 &
goodwill Rs. 60,000 Capitals of A, B & C were
Rs/-
a) 3,00,000 : 1,20,000 : 1,80,000
b) 3,00,000 : 1,80,000 : 1,20,000
c) 3,00,000 : 1,80,000 : 1,80,000
d) 3,00,000 : 1,20,000 : 1,20,000
30. At the time of admission the unrecorded
investments Rs. 30,000 should be treated, the
adjustment entry will be
a) Unrecorded investment A/c Dr. 30,000
To Revaluation 30,000
b) Revaluation A/c Dr. 30,000
To Unrecorded Investment A/c 30,000
c) Partners capital A/c Dr. 30,000
To unrecorded Investment A/c 30,000
d) Unrecorded Investment A/c Dr.30,000
To Partners capital A/c 30,000
31. Kapur and sharma are partners in partnership
firm. Calculate the interest on drawings of
kapur and sharma @ 10% p.a. for the year
ending on 31st December 2013. Kapur
withdrew Rs. 2,000/- per month in the
beginning where as sharma withdrew same
amount at the end of every month
a) Kapur Rs. 2,400, sharma Rs. 2,400
b) Kapur Rs. 1,100, sharma Rs. 1,300
c) Kapur Rs. 1,200, sharma Rs. 1,200
d) Kapur Rs. 1,300, sharma Rs. 1,100
32. Neeraj & Gopi are partners with Rs.5,00,000
capital each. They admitted champak for 1/4th
share with Rs.8,00,000 capital. The P & L A/c
credit balance is Rs.4,00,000. Find the amount
of hidden goodwill
a) Rs.10,00,000 b) Rs.12,00,000
c) Rs.8,00,000 d) Rs.16,00,000
33. Angola & Bangola sharing profits 2 : 3,
Mangola joined the firm. Angola gave 1/3rd of
his share, Bangola gave 1/4th of his share. what
is new profit sharing ratio?
a) 17:27:37 b) 16:27:17
c) 17:27:17 d) None
34. When goodwill is withdrawn by the partners
___ account is credited.
a) Cash b) Partners capital A/c
c) Partners loan a/c d) Goodwill A/c
35. A & B are in partnership sharing profits &
losses in the proportion of 3:1 respectively. On
1-4-2013, they admitted ‘c’ into partnership on
the following terms.
i) ‘C’ is to purchase 1/3rd of the goodwill for
Rs.2000/- by paying cash
ii) future profits & losses are to be shared by A,
B & C equally
Set out the entry to the above arrangement in
the firm journal
a) Cash/Bank A/c Dr.2000
To ‘A’ s capital A/c 2000
b) Cash/Bank A/c Dr.2000
‘B’ s capital A/c Dr. 500
To ‘A’s capital A/c 2500
c) Cash/Bank A/c Dr.2000
To Goodwill A/c 2000
d) Cash/Bank A/c Dr.2000
To ‘A’s capital A/c 1500
To ‘B’s capital A/c 500
36. The maximum number of partners is
mentioned in
a) Companies Act b) Partnership Act
c) Limited Partnership Act d) None
37. As per companies Act 1956 application money
more than___ % of nominal value of the share
and as per SEBI guidelines application money
atleast __ % of issue price
a) 5 %, 25% b) 25%, 25%
c) 5%, 5% d) 25%, 5%
38. MAR Ltd forfeited 300 shares of Rs. 10/- each
fully called up for non payment of final call
money of Rs.4/- per share. These shares are
subsequently reissued for Rs.12 per share as
fully paid up. What amount should be
transferred to capital reserve account.
a) Rs. 2,400 b) Rs. 3,000
c) Rs. 1,800 d) Rs. 3,600
39. A company has a subscribed capital of Rs.
80,00,000 in shares of Rs. 100 each. There are
no calls in arrears till the final call. The
payment on final call was received for 77,500
shares. The amount of calls in arrears Rs.
67,500. Then the amount of final call is
a) Rs. 25 b) Rs. 27
c) Rs. 20 d) Rs. 65.20
40. Zebra Ltd invites applications for 50,000 shares
for which 2/- per share is payable on
application. Applications received for 80,000
shares and 70,000 shares are allotted on prorata
basis. How much application money will
be adjusted to allotment, when Mr.Lion who
has allotted 200 shares.
a) Rs. 100 b) Rs. 160 c) Rs. 240 d) Rs. 80
41. Ajay Ltd decides to redeem 10,000 preference
shares of Rs. 10/- each at 10% premium.
Balance in P & L A/c is Rs. 65,000 and securities
premium A/c is Rs. 5,000. You are required to
calculate the minimum number of equity
shares at the rate of Rs. 10/- each at 20%
discount
a) 3125 b) 5625 c) 5000 d) None
42. Unless otherwise stated preference shares
always deemed to
a) Cumulative, Participating, Convertible
b) Cumulative, Non-Participating, Non- convertible
c) Non-Cumulative, Participating, Non-
Convertible
d) Non-Cumulative, Non-Participating,
Convertible.
43. When the debentures are issued as collateral
security for a loan then such debenture
holders are entitled to
a) Interest on the amount of loan
b) Interest on the amount of debenture
c) No Interest amount
d) Either (a) or (b)
44. Which method is exception to non-historical
cost methods
a) Adjusted selling price
b) Latest purchase price
c) Standard Cost
d) Weighted average
45. Cost of physical inventory on 15-04-2014 was
Rs.3,00,000. Sales amounting to Rs.1,00,000
and purchases worth Rs.50,000 were made
between 31-03-2014 to 15-4-2014. Goods are
sold at 20% profit on sales. Value of Inventory
as on 31-3-2014 is
a) Rs. 3,50,000 b) Rs. 2,70,000
c) Rs. 3,00,000 d) Rs. 3,30,000
46. Average stock Rs. 14,000, closing stock is Rs.
3,000 more than the opening stock, then
closing stock is ___
a) Rs. 15,500 b) Rs. 15,000
c) Rs. 12,200 d) Rs. 12,000
47. Which method of valuation is adopted in
above table
a) FIFO b) LIFO
c) Weighted average d) None
48. Closing stock from above adopted method is
a) Units 200 amount Rs. 2300
b) Units 200 amount Rs. 2000
c) Units 200 amount Rs. 2,600
d) None of these
49. When goods sent on approval, buyer become
owner of goods when
a) When he accepts the goods
b) When the time of approval was over
c) When he done any act in respect of getting
possession of goods
d) All of these.
50. ‘A’ sent some goods costing Rs.3500 at a profit
of 25% on sale to ‘B’ on sale or return basis. ‘B’
returned goods costing Rs. 800. At the end of
accounting period on 31st December 2011 the
remaining goods were neither returned nor
approved by him. Closing stock on approval
basis to be shown in the balance sheet will be
a) Rs. 2000 b) Rs. 2700
c) Rs. 2700 less 25% of Rs. 2700 d) Rs. 3500
51. In Income measurement & recognisation of
assets & liabilities which of the following
concepts goes together?
a) Periodicity, Accrual, matching
b) Cost, Accrual, matching
c) Going concern, cost, Realization
d) Going concern, Periodicity, Reliability
52. ____ is root cause for financial accounting?
a) Stewardship accounting
b) Social accounting
c) Management accounting
d) Human resource accounting.
53. Gyan received Rs.5,000 in advance but he
credited to sale account. Which of the
following concept he did not follow?
a) Accrual b) Conservatism
c) Consistency d) Going concern
54. Change in Accounting estimate means :
a) Certain parameters estimate in earlier and
re-estimates in the current period
b) Certain parameters estimate in earlier and
actual results achieved during current year
c) Certain parameters re-estimated during the
current period and actual result achieved
during the previous period
d) Both (a) & (b)
55. Interpretation means
a) Explanation of meaning and significance of
the data in Financial Statements.
b) Concerned with preparation and
presentation of classified data
c) Systematic analysis of recorded data
d) Methodical classification of data given in
Financial Statements.
56. A trader purchased goods for Rs. 25,00,000, of
these 70% of goods were sold during the year.
At the end of 31st December 2009, the market
value of such goods were Rs.5,00,000. But the
trader recorded in his books for Rs.7,50,000.
Which of the following concept is violated.
a) Money measurement b) Conservatism
c) Consistency d) None
57. Matching the following :
a) As 26 i) Impairment of assets
b) As 10 ii) Discontinued operations
c) As 28 iii) Intangible assets
d) As 24 iv) Accounting for fixed assets
a) a – iii, b-iv, c-ii, d-I b) a-ii, b-iv, c-I, d-iii
c) a-ii, b-iii, c-I, d-iv d) a-iii, b-iv, c-I, d-ii
58. A building worth Rs.35 lakhs was purchased
and it was dismantled with Rs.1 lakh and it was
decided to build as shopping mall. The cost of
construction of building was Rs.50,00,000 and
other expenses of Rs.50,000. The amount of
capital expenditure is
a) Rs. 86,00,000 b) Rs. 86,50,000
c) Rs. 85,50,000 d) Rs. 85,00,000
59. Which of the following is not a difference
between provision & contingent liability
a) A provision meets the recognition criteria
where as contingent liability fails to meet the
same
b) Provision is a present liability of uncertain
amount where as contingent liability is
possible obligation which arises from past
events
c) Provision can’t be measured where as
contingent liability is absolutely measured
d) None of the above
60.
Part B – Mercantile Laws
61. A Void Contract is ___
a) An agreement which is not enforceable by
law
b) A Contract which ceases to be enforceable
by law
c) An agreement which is voidable at the
option of promisee
d) An agreement which is voidable at the
option of promisor
62. Which of the following is not correct?
a) Offer must not be conditional
b) Acceptance may be given in any manner
c) Acceptance must be absolute
d) Communication of offer is an essential
element
63. Original offer is rejected when there is ___
a) Standing offer b) Cross offer
c) Counter offer d) None of the above
64. A person advertised in newspaper to sell his
old car. Then the offer is ____
a) General offer b) Specific offer
c) Continuing offer d) None of the above
65. Which of the following is true?
a) There can be a stranger to Contract
b) There can be a stranger to consideration
c) There can be both stranger to consideration
and stranger to Contract
d) None of the above
66. If in a Contract both legal and illegal part
exists, the legal part is separable from illegal
part, then the legal part is ____
a) Valid b) Void
c) Voidable d) Illegal
67. A promise to pay time barred debt must be _
a) An oral promise
b) An implied promise
c) In writing and signed by debtor or his
authorized agent
d) None of the above
68. Maheswari promises to give Raman 1kg of
opium if he destroys property of Nikhil. In this
case ____
a) There is unlawful consideration
b) There is unlawful object
c) There is unlawful consideration and object is
partly unlawful
d) Both consideration and object are unlawful
69. For the necessaries supplied to a minor, the
amount can be recovered from___
a) Minor’s personally
b) Minor’s estate
c) Minor’s Guardian
d) Minor is not at all liable
70. Which of the following statements is not
correct?
a) In matters of fraud, intention to defraud is
essential
b) Where consent to a Contract is obtained by
misrepresentation, Contract is voidable
c) A unilateral mistake renders agreement void
d) Mistake of foreign law is equal to mistake of
fact
71. A told B that he gives Rs. 500 if it rains and B
told to give like amount if it does not rain. The
agreement is ___
a) Contingent Contract
b) Wagering agreement
c) Future Contract
d) None of the above
72. Quasi Contractual liabilities lead to ____
a) Prevention of unjust enrichment
b) Counter Offer
c) Cross Offer
d) Specific Offer



Books for CPT exam preparation:

There are no other best reference books other than ICAI’s study material for exam preparation. But if you want to gain more knowledge on subjects or want to do self-preparation of CA CPT then here are suggestions:

Section-A : Fundamentals of Accounting – CPT Grewal’s Accountancy by M.P Gupta & B.M Aggarwal
Section-B : Mercantile Laws – P. P. S. Gogna or P C Tulsian
Section-C : General Economics – S.K. Agarwal or Deepashree
Section-D : Quantitative Aptitude – P. N. Arora

CA CPT Eligibility:

For appearing at the CA CPT main examination

Appearance at the Senior secondary (10 + 2/intermediate) examination conducted by an examining body constituted by law in India or an examination recognized by the central government as equivalent thereto.

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